If you are looking for a house on the outskirts of Mumbai in areas like Nallasopara, Ulhasnagar, Kalyan and Badlapur, there is a strong likelihood that you will find some suitable properties being auctioned by banks and housing finance companies.
A quick glance through newspaper advertisements provides many such instances. Housing majors HDFC, LIC Housing Finance, Punjab National Bank, Indian Bank and many others have all placed single or multiple ads for either loan recovery or auction of properties of defaulters under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities (SARFAESI) Act, 2002.
For instance, HDFC issued a sale notice for 16 properties in an English daily on August 4 and Indian Bank a possession notice for 17 properties on August 6. Earlier on August 3, LIC Housing Finance issued a loan recovery notice for 46 properties.
More : business-standard.com
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